San Francisco-based company Ripple has committed $100,000 to assist ongoing relief efforts in Brazil following devastating floods.
The first donations were made in the XRP token to fundraisers started by prominent Latin American cryptocurrency firm Bitso and fintech platform BRLA.
The company has also stated that it will be matching donations made by its employees 2:1.
Brazil's Rio Grande do Sul has been devastated by massive floods that have forced hundreds of thousands of people to leave their homes.
It might take years for the southernmost state of the largest South American country to return to normal.
The entire population of Eldorado do Sul has been displaced by flooding, with the city turning into a massive junkyard. The city's mayor now has to live in his office after his own house was flooded.
Yuri MolchanThe economic impact of catastrophic floods, which have affected both big and small businesses, is yet to be estimated.
The state is also grappling with the outbreak of leptospirosis, a zoonotic disease caused by the bacterium found in contaminated water. The disease can cause pulmonary hemorrhage, kidney damage, and meningitis.
Ripple has long been making headlines with its charity initiatives. In 2018, it made headlines with donations to Madonna's Malawi charity. In 2019, Ripple teamed up with the San Francisco-based organization Tipping Point in order to provide support for low-income households.
The company is also flexing its lobbying muscles by recently making a $25 million donation to Fairshake, a pro-crypto political action committee (PAC).
Dan Burgin
Vladislav Sopov